Credit Suisse shares are gaining, despite guilty plea

Harriet Green
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Shares in Credit Suisse are up 2.4 per cent this morning.

That’s after it became the first global lender to plead guilty to a criminal charge in two decades, agreeing to pay a $2.6bn (£1.55bn) fine.

The Swiss bank pleaded guilty in the US for helping its American clients to evade taxes, in an “extensive and wide-ranging conspiracy”.

The settlement will see payouts made to multiple US authorities.

Attorney general Eric Holder said the bank helped US “tax cheats dodge US taxes”, with issues dating back as far as 1988.

The last admission of guilt made by a major bank was that of Drexel Burnham Lambert in the late 1980s.

The bank said last night that it'd take a 1.6bn Swiss francs (£1bn) hit as a result of the settlement, affecting second quarter earnings.

Today it said that revenue in the second quarter would probably come in below where it was a year earlier, as it tries to face off the worldwide slowdown in fixed income trading.